Pemex scrambles to plug the gap
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
Mexico’s government has been forced to accept reality and downgrade the country’s crude forecast for the year. The retreat always looked likely, with state oil and gas firm Pemex struggling to service its debts and some of Mexico’s largest oilfields posting substantial declines. Production last year showed the largest annual drop for four decades. Output from Maloob, Zaap and Quesqui alone slumped by 121,000b/d year-on-year as total domestic supply fell to just 1.6m b/d across all of 2024. The number of producing wells also sunk by almost 4%. “The downward revision in crude production is driven by a mix of financial and operational challenges at Pemex, along with the ongoing decline of matur
Also in this section
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
